CBN reviews security on mobile banking

The Central Bank of Nigeria (CBN) is working out modalities to provide better security and service delivery in mobile banking.
The apex bank is worried over the numerous complaints emanating from the banking public.
CBN has also indicated that its consumer protection department is inundated with petitions and complaints mainly from the mobile banking activities.
Most of the complaints are related to loss of money due to either malfunctioned platforms or outright fraud.
Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, stated that the bank was currently reviewing the structure and processes of mobile money to make us becoming more responsive to the emerging new financial services landscape.
‘‘We are positioning our people to respond effectively to the emerging risk while also observing the payment system security and risk management to effectively ensure that the banking system is alert to the challenge of the more inclusive financial services sector.’’
The Acting Director Consumer Protection Department of the CBN, Mr. T.Y Ahmed, representing Governor of the CBN, Godwin Emefiele, said following the last global financial crisis, the relationship between consumers and their service providers is being continuously scrutinized as one of the contributory factors to the crisis was inadequate consumer knowledge and protection.
He explained: ‘‘The crisis demonstrated that the cause of financial system stability is best served when consumers are knowledgeable about their obligations and rights.
‘‘In this regard, many jurisdictions have reconfigured their regulatory architecture to reflect the compelling need for improving customer awareness.
Source: Vanguard
https://www.vanguardngr.com/2018/11/cbn-resets-structures-processes-for-mobile-banking/